UreLife promotes “earn before you spend” mentality

Consumers should be careful with their finances and manage their money sensibly during the current credit crisis, advises UreLife.

The Urelife card, which combines prepay Visa debit with proof of age and a colour photo of the cardholder, encourages an “earn before you spend” mentality, according to Mark Dalton, a spokesperson for the company.

Since the market is moving away from credit facilities, consumers should be looking to set a monthly budget which they do not exceed.

“Increasingly, people have been maxing out their credit cards and the prepay debit card is the ideal product for people who want to take full responsibility for their finances,” Mr Dalton comments.

Credit Action recently said that although credit card spending is still a “very popular” form of borrowing, the growth rate has slowed over the past year.

This is partly due to banks tightening their lending criteria, however it also suggested that consumers are becoming more aware of the importance of managing their finances in a sensible way.

Tags: borrowing, rate, action, age, money, credit facilities, Debit cards, Visa Debit